Upside Down Mortgage

Posts Tagged ‘countrywide’

I am upside down on my mortgage big time. I have both a 1st and 2nd mortgage. I do not know what to do - I am so lost and scared. Because I Have A good credit rating, my mortgage company, Countrywide, won't help me at all. They will not even consider helping me with a payment plan or anything like that unless I'm behind on payments which means, it will ruin my credit, and We Want Out? Anybody know what to do please help!

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I don't know how but I owe a lot more than my home is worth! What should I do?.. should I stop paying my monthly mortgage payment? I cannot afford them anyway so should I let the home go to foreclosure? I have called my bank (Countrywide) but right now, they have no program to offer for me because I'm current on my mortgage payments...I'd like to pay less for my mortgage due to my property worths less.

Loss Mitigation Countrywide

Homeowners hoping to get a loan modification with Countrywide may want to rethink their options. Countrywide Financial, best known for excessive lending practices that led to widespread defaults, now has so many bad debts on its books that it may have to tighten up its loan modification service.

Home Loan Modification allows defaulting borrowers to work out new terms with Countrywide, so that they can avoid foreclosure and stay on track. Countrywide began offering the service through their Home Retention Department at the height of last year’s real estate bubble. However, due to the volume of requests coming in, many cases were delayed and resulted in foreclosure. The company hit an all-time low in 2008 and was recently bought out by the Bank of America.

In line with the change, the Loan Modification Department of the Law Offices of Marc R. Tow is also taking measures to protect its clients. The firm, one of the leading loan modification services in the country, will only negotiate modifications with Countrywide for clients with viable cases and those who are in serious financial trouble.

Changes are also expected in national Loan Modification policies. While loan modification is still open to borrowers not in default, new laws may soon limit the service only to those in bankruptcy or serious delinquency. This will allow lenders and loan modification companies to focus their attention to clients who are most in need.

The firm will continue to help clients with loans serviced by other companies. Besides loan modification, the Law Offices of Marc R. Tow also offers assistance with loss mitigation alternatives such as short sales.

About the Author:

The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts. Lead by Expert Loan Modification Attorney Marc R. Tow, Loan Modification Department has helped thousands of American Home Owners save their Homes and decrease their loan payments. For more information Just Call 800-738-1170 or Visit our website http://www.cdloanmod.com/

Article Source: ArticlesBase.com - Countrywide to Tighten Up Loan Modifications

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